L—l 3.

50

[w. I). POWDRELL.

W. D, Powdrell, M.P., examined. (No. 21.) 1. The Chairman.] You wish to give some evidence to the Committee, Mr. Powdrell?—Yes, sir. At the last meeting of the Committee some of the members desired to have actual balancesheets, and I have now got actual balance-sheets here. In the year 1904 I bail 860 acres of the best land on the Waimate Plains, and I sold all of that with the exception of 121 acres, which was the best of that land. As I sold each section of land a few of the best cows were put on to this last remaining section. I (then sold this section, together with these picked cows. I will not give the name of the purchaser—l will simply call hint A . Well, A purchased that 121 acres from me at £30 10s. per acre. But he only paid me a deposit of £200 upon the land, and stock, and plant. That is all the cash he had. It, was really about 5 per cent, on the capital value of the land he was charged. He also purchased 100 dairy cows, and gave me a bill of saltover them, he agreeing to pay me 7 per cent, on the stock, and to pay off the bill of sale by allowing me to retain half of the milk cheque. And after he had paid for the stock I was then to take half of the milk cheque on account of the amount owing on the land. 1 want you to particularly note that 1 have here, in these books, every monthly return from Ihe factory, and I have also here in most cases the returns for pigs and calves sold. 1 kept a careful record of all the cheques received from the factory, and of all other payments, and at the end of each year I rendered A a balance-sheet showing the amount he had paid off. Now, I have all these balance-sheets worked out here, and I have also included in them a great deal of useful information which should be of interest to the Committee. I will read these sheets to the Committee. Sheet No. 1 deals with the year 1904-5. The sheets also showed the year and (he number of times this farm was sold, the price paid each lime, also the purchaser. Example No. 1. 1904-5. On Ist August, 1904, A purchased 121 acres 1 rood 13 poles from W. D. Powdrell at £30 10s. per acre (5 per cent.), and cows, £1,050 9s. (id. (7 per cent.), paying on cows and land all he possessed—£2oo on land costing £3,700, and cows costing £8 each, or totalling £1,050 () s , gd. A agreed to leave half the mill, cheques in reduction of the purchase-money as they became due from the factory, and gave W. D. Powdrell an order lo receive all cheques. A received all moneys from calves sold, also pigs sold. Therefore A had half of milk-money, plus calves and pigs, to pay rent, interest on cows, rales; keep his family, including wife ami sc lf—ten in all; replace all dead cows or faulty cows; purchase manures, calf and pig feed; repair machinery, fences, house, yards, sheds, and windmills. J ' - £ s. d. A paid W. I). Powdrell off cows out of milk .. ... 349 5 10 Rebate on amounts paid off monthly interest ... ... ... 12 15 2 £362 1 0 The family milked by hand 100 cows (say, five milkers, eight £ s. d, hours' work, at Is. an hour, 300 days) ... ... ... 600 0 0 362 1 0 Loss ... 237 19 0 Plus arrears rent ... ... • •■ •■■ 63 4 2 £301 3 2 In other words, instead of receiving Is. per hour, or £600, they received £301 3s. 2d. actually for five milkers (including the manager) working eight hours daily, starting at 5 a.m., for 300 days = 12,000 hours = 133 hours per cow, as family had each to milk 18 cows by hand, besides other work, and received equal to 7d. per hour. £ s. d. A 's half milk-money was ... ... ••■ 349 510 Net profit (say) 70 calves, £105; 20 skins, £2; pigs, £90 197 0 0 £546 5 10 Outgoings:— * s - ll - A 's rent was ... ■■■ ■■• •-■ ••■ IHi) ° v Interest, bill of sale (7 per cent.) ... 59 10 0 Interest on original capital, £200 (7 per cent.) 14 0 0 Hales (ss. per acre) ... •■■ ■-■ -■■ 26 0 0 Food for family of ten. at 75.6.1., and clolhes, at ss, 325 0 0 609 10 0 Deducl receipts ... ... •■■ 5*6 5 1() Behind in rent ... ... -£63 4 2 This is not allowing any labour at all, as labour was Ihe amount paid off lo reduce Ihe debt on cows. No allowance is made for depreciation on land, buildings, fences, cows (deaths or replacements), manure, repairs, cans, harness, buildings, doctor's expenses.